Page 15 - Quick Insights Book 2022

Introduction

ABOUT PROFESSIONAL DEVELOPMENT In the year 2022, ICAI approached to all the Banks for utilizing
COMMITTEE the said Software. Pursuant to the follow-ups this software has
been used by banks namely, Punjab National Bank, Indian
Professional Development Committee (PDC) a non-standing Overseas Bank, Central Bank of India, Canara Bank, Punjab
committee was established in1962 with the mission to explore & Sind Bank.
and develop opportunities for the use of the professional talents
and skills of Chartered Accountants in different sectors of the State Level Coordination Committee (SLCC)
world of business. The Institute is making all efforts to explore
and exploit all available and potential opportunities whereby The Reserve Bank of India holds quarterly meetings of
newer avenues for professional development and growth may State Level Coordination Committee to regulate Non-
be assured for the Institute’s members and also ensure that Banking Financial Companies (NBFCs) and deposit accepted
existing opportunities of professional developments are fully activities of incorporated bodies (UIBs) at each of their
utilised and maintained at equitable and growth-oriented levels. regional offices. Such meetings are convened by Regional
Director of respective regional office of RBI and attended by
Professional development committee in its efforts to explore the Principal Secretary/ Secretaries of various departments such
unchartered areas for professional opportunities interact with as Finance, Home, Law etc. of respective states, National
the Government, regulatory authorities etc. requesting them to Housing Board (NHB), Securities Exchange Board of India
avail the expertise of the Chartered Accountants and utilize their (SEBI), Registrar of Companies (RoC), Insurance Regulatory
services in various areas.
and Development Authority of India (IRDA), Registrar of Chit
Fund, Department of Chit Fund and The Institute of Chartered
MAJOR INITIATIVES OF THE COMMITTEE Accountants of India (ICAI). More than 370 meetings were
held during the year and were attended by the representatives
Tendering of ICAI.
The Committee has a dedicated Group namely “Tender
Monitoring Group” which monitors the tenders floated by the Submission of the Panels to various Authorities
organizations requiring professional services by CAs. The For availing the Services of Chartered Accountants, PDC in
Group aims to develop a mechanism for seeking and analyzing its endeavor to explore equitable professional opportunities for
the responses of the members on tenders and may refer the CA members, every year host the application of Multipurpose
deviations at appropriate level. The Tender Monitoring Group Empanelment Form containing pre-filled data of applicants’ from
has been actively advocating before numerous organizations ICAI’s records and based on their last year’s MEF application.
in light of many inconsistencies found in tender documents Every effort is made to make MEF more comprehensive to
and has been successful in having the documents amended in collect maximum information.
accordance with the suggested adjustments.
The panel of Chartered Accountants/Firms are provided to RBI,
To bring awareness among the members and the organizations NABARD and various other authorities/ agencies such as and
floating tenders, the Committee has released publication on Private sector banks, Central Bureau of Investigation, Official
“Tendering of Professional Services - All That You Should Liquidator, SIDBI, SEBI etc. as per the criteria specified by
Know”. them.
Software for selection of Statutory Bank Branch Cooperatives & NPOs
Auditors
The Committee lays special emphasis in cooperative and NPOs
The Institute over the years has expressed its concerns on the and groups on Cooperatives & NPOs are formed with nodal
issue of appointment of auditors of Public Sector Banks by the control under PD Committee.
Banks’ Board themselves. The Management of Public Sector
Banks do not have any major ownership interest, this autonomy The committee also undertake the Certificate Course on
of appointment of auditors by management is fraught with risk Cooperatives and NPOs to incorporate the latest developments
in a very important and sensitive sector like banking. in the sector.
To address the issue and in order to bring autonomy in PD Knowledge Portal
appointment of auditors of Public Sector Banks (PSBs), a
web-based application was designed by ICAI for selection and The PD Portal (www.pdicai.org) is maintained with an aim
allotment of Statutory Auditors of PSBs by randomly mapping to provide the members of ICAI with all the information that
and associating with the vacancies available in the PSBs. they may require to enrich their knowledge useful for their
professional practice so as provide value-added updated

2 Quick Insights on Professional Opportunities for Chartered Accountants